Digital media company BuzzFeed cutting 15 percent of jobs

FILE- In this Sept. 2, 2015, file photo the BuzzFeed website is displayed on an iPad held by an Associated Press staffer in Los Angeles. Media company BuzzFeed is cutting 15 percent of its jobs, or about 200 people, to trim costs and become profitable. BuzzFeed CEO Jonah Peretti said in a memo to employees Wednesday, Jan. 23, 2019, that the layoffs will help BuzzFeed avoid having to raise money from investors again. (AP Photo/Richard Vogel, File)

NEW YORK — Digital media company BuzzFeed is cutting 15 percent of its jobs, or about 200 people, to trim expenses and become profitable.

BuzzFeed CEO Jonah Peretti wrote employees Wednesday that the layoffs will help BuzzFeed avoid having to raise money from investors again.

The privately held company has not been profitable for several years. It has raised hundreds of millions from such investors as Comcast's NBCUniversal.

Based in New York, BuzzFeed is best known for its viral posts and quizzes and has a well-regarded news division.

Many digital media companies have cut jobs or sold off in recent years as Facebook and Google gobble up the bulk of digital advertising dollars. Verizon also said Wednesday that it is cutting about 800 jobs in its media division, which includes Yahoo and HuffPost.

Newspaper companies have also suffered deep cutbacks , with staffs nearly cut in half since 2004. Reports started rolling in Wednesday of Gannett, one of the country's largest newspaper publishers, laying off journalists from USA Today, The Arizona Republic and other newspapers. It's unclear how many jobs were lost. A representative did not respond to requests for comment.

Must Read

Oregon settles lawsuit for botched health care...

Sep 16, 2016

Oregon is announcing a settlement of a lawsuit in which it accused software giant Oracle America...

Study: Ad-tech use shines light on fringe, fake...

Dec 29, 2016

The contrast between mainstream and fake or fringe news sites isn't just about the stories and...

Hulu adds CBS for upcoming live TV streaming...

Jan 4, 2017

Hulu is teaming up with CBS to add three of the network's channels to its upcoming live TV...

US gov't accuses Fiat Chrysler of cheating on...

Jan 13, 2017

The U.S. government is accusing Fiat Chrysler of failing to disclose software in some of its...

Surge in traffic deaths outpaces increase in...

Jan 13, 2017

The government says traffic deaths surged about 8 percent in the first nine months of last year,...

Sign up now!

About Us

In The Headline sought to bring professionalism back into journalism, bringing you only the most exclusive and the most impactive news from all over the globe.

Contact us: sales[at]intheheadline.com